Sorry Timbo, dont agree.Announcement was dissapointing and...

Sorry Timbo, dont agree.

Announcement was dissapointing and worrisome.
Average monthly copper price LME Oct.=4924.11 Nov.=3715.53 Dec=3070.76 Qtr~3903.47/tone ($1.77c/lb)

Another words copper averaged 1.77 for the qtr and we still burned through 9.65 million. (Nett operating cash outflow) We lost 56% of our remaining cash on hand. To be left with the princely sum of 6.2million. Now I know why we bent over for the 80million refinance and the 8.1mill working capital facility. All this after having achieved nameplate capacity on 2/9/08 (1 mth before dec. qtr started)

If 5 institutions didnt have a collective total of 204million and dilutive reasons to prop up PNA (Until they potentially start dumping)then I believe they would have gone down today.

Don't get me wrong. I fell in love with this company. Sold out for a big loss at 9.5. But I am not buying back in at these prices in this climate.

Cheers


The prodution figures were brilliant, but its financial performance that counts. We needed to be cashflow positive.

P.S GSJBW had no choice but to refinance. The debt was subordinated. If PNA went into administration then the 240odd million secured debt facility would get paid first.